The broader U.S. equity markets continued to tumble Monday following S&P’s downgrade of the United States’ credit rating, as the Dow Jones Industrial Average (DJIA) plunged over 300 points in morning trading.
As of 10:45am ET, the Dow was lower by 313.30 points, or 2.7%, at 11,131.31. Its intra-day low occurred minutes before that at 11,059.53, a loss of 385.08 points.
While liquidation engulfed Wall Street, gold futures held onto the large majority of their gains. COMEX gold futures, per the December contract, reached a new all-time record high of $1,718.20 per ounce in overnight trading, and remained higher by $49.10, or 3.0%, at $1,700.90 this morning.
Silver futures also advanced, but relinquished a considerable portion of their overnight gains to trade higher by $0.48, or 1.3%, at $38.69 per ounce.
Gains in gold and silver came despite strength in the U.S. Dollar Index, which climbed 0.4% to 74.913 against a basket of foreign currencies